Cummins Inc. (NYSE:CMI) Shares Sold by Heartland Bank & Trust Co

Heartland Bank & Trust Co cut its stake in shares of Cummins Inc. (NYSE:CMI) by 2.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,122 shares of the company’s stock after selling 48 shares during the quarter. Heartland Bank & Trust Co’s holdings in Cummins were worth $687,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cultivar Capital Inc. acquired a new position in shares of Cummins during the second quarter worth about $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins during the second quarter worth approximately $28,000. Lynx Investment Advisory purchased a new stake in Cummins during the second quarter worth approximately $29,000. LRI Investments LLC purchased a new stake in Cummins during the first quarter worth approximately $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in Cummins during the third quarter worth approximately $34,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on CMI. Citigroup boosted their target price on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Robert W. Baird boosted their price objective on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Raymond James began coverage on Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Evercore ISI boosted their price objective on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Finally, Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $311.55.

Cummins Price Performance

Shares of NYSE CMI opened at $330.12 on Thursday. The stock has a fifty day moving average price of $315.05 and a 200 day moving average price of $295.57. The company has a market cap of $45.15 billion, a PE ratio of 24.17, a P/E/G ratio of 1.92 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $340.82.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.18 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 53.29%.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.